1937 version

When the moon was new and the sun young
of silver and gold the gods sung:
in the green grass they silver spilled;
and the white waters they with gold filled.
Ere the pit was dug or Hell yawned,
ere dwarf was bred or dragon spawned,
there were elves of old, and strong spells
under green hills in hollow dells
they sang as they wrought many fair things,
the bright crowns of the Elf-kings.
But their doom fell, and their song waned,
by iron hewn and by steel chained.
Greed that sang not, nor with mouth smiled,
in dark holes their wealth piled,
graven silver and carven gold:
over Elvenhome the shadow rolled.

There was an old dwarf in a dark cave,
to silver and gold his fingers clave;
with hammer and tongs and anvil-stone
he worked his hands to the hard bone,
and coins he made, and strings of rings,
and thought to buy the power of kings.
But his eyes grew dim and his ears dull,
and the skin yellow on his old skull;
through his bony claw with a pale sheen
the stony jewels slipped unseen.
No feet he heard, though the earth quaked,
when the young dragon his thirst slaked,
and the stream smoked at his dark door;
the flames hissed on the dank floor.
He died alone in the red fire,
and his bones were ash in the hot mire.

There was an old dragon under grey stone;
his red eyes blinked as he lay alone.
His joy was dead and his youth spent,
he was knobbed and wrinkled, and his limbs bent
with the long years to his gold chained;
in his heart's furnace the lire waned.
To his belly's slime gems stuck thick,
silver and gold he would snuff and lick:
he knew the place of the least ring
beneath the shadow of his black wing.
Of thieves he thought on his hard bed

and dreamed that on their flesh he fed.

their bones crushed, and their blood drank;

his cars drooped and his breath sank.

Mail-rings rang. He heard them not.

A voice echoed in his deep grot:

a young warrior with a bright sword

called him forth to defend his hoard.

His teeth were knives, and of horn his hide,

but iron lore him, and his flame died.

There was an old king on a high throne:
his white beard lay on knees of bone;
his mouth savoured neither meat nor drink,
nor his ears song; he could only think
of his huge chest with carven lid
where pale gems and gold lay hid,
in secret treasury in the dark ground
whose strong doors were iron-bound.
The swords of his thanes were dull with rust,
his glory fallen, his rule unjust,
his halls hollow, and his bowers cold,
but king he was of elvish gold.
He heard not the horns in the mountain-pass,
he smelt not the blood on the trodden grass,
but his halls were burned, his kingdom lost;
in a cold pit his bones were tossed.

There is an old hoard in a dark rock,
forgotten behind doors none can unlock;

that grim gate no man can pass.
On the mound grows the green grass;
there sheep feed and the larks soar,
and the wind blows from the sea-shore.
While gods wait and the elves sleep,
its old secret shall the earth keep.